Dogecoin (DOGE) Finds Its Footing: Bulls Regain Traction
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Dogecoin started a fresh increase above the $0.350 zone against the US Dollar. DOGE is now consolidating and might climb further if it clears the $0.3650 resistance.
DOGE price started a fresh increase above $0.3420 and $0.350.
The price is trading above the $0.350 level and the 100-hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to rise if it clears the $0.3650 and $0.3720 resistance levels.
Dogecoin Price Rises Steadily
Dogecoin price started a fresh increase after it cleared the $0.320 resistance zone, like Bitcoin and Ethereum. DOGE was able to clear the $0.3420 and $0.350 resistance levels.
Besides, there was a break above a connecting bearish trend line with resistance at $0.3350 on the hourly chart of the DOGE/USD pair. The pair surpassed the 76.4% Fib retracement level of the downward move from the $0.3478 swing high to the $0.3096 low.
Dogecoin price is now trading above the $0.350 level and the 100-hourly simple moving average. It is also above the 1.236 Fib extension level of the downward move from the $0.3478 swing high to the $0.3096 low.
Immediate resistance on the upside is near the $0.3650 level. The first major resistance for the bulls could be near the $0.3720 level. The next major resistance is near the $0.380 level. A close above the $0.380 resistance might send the price toward the $0.3920 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.420.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.3650 level, it could start another decline. Initial support on the downside is near the $0.3550 level. The next major support is near the $0.3460 level.
The main support sits at $0.3380. If there is a downside break below the $0.3380 support, the price could decline further. In the stated case, the price might decline toward the $0.3120 level or even $0.3080 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3550 and $0.3460.
Major Resistance Levels – $0.3650 and $0.3800.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
